MPs demand emergency session after 1,500-dinar exchange rate adopted

Parliamentary circles moved to convene an emergency session to discuss the decision to raise the dollar exchange rate and to compel the government to reverse it, amid warnings about the decision's repercussions for citizens and the Iraqi market.

MP Ibtisam al-Hilali said she rejects the Cabinet's decision to change and raise the dollar exchange rate against the Iraqi dinar, noting that the decision will have direct repercussions and impact on the economy and the Iraqi market.

Al-Hilali added that if the government intends to address the financial crisis, the exchange rate should have been set at 1,400 dinars per dollar or lower, to control the market and limit its impact on food prices, which would directly affect citizens.

She indicated that the Council of Representatives will have a say in changing the exchange rate within the budget law, in consultation with the government, to control the dollar rate in the black market.

The Iraqi Ministry of Finance, on Wednesday morning, adopted 1,500 dinars per US dollar.

Following this decision, exchange rates in Iraqi markets saw a large increase, exceeding 160,000 dinars for every 100 dollars.